China is now getting tougher on cryptocurrencies and crypto-focussed information portals. It has already been cracking down on Bitcoin mining activities in the country. In the latest crack down, the Chinese officials shut down Bishijie, a Chinese cryptocurrency community and information provider. Following the government’s intervention, it has to close down its operations in mainland China.
In a statement to the press, Bishijie said that they will no longer be sharing updates. The crypto-community forum also said that they are not sure when they would resume the activities as normal again. In regards to why they were stopping operations, the company did not make any official comment.
Speaking to Global Times, a Chinese media outlet, Chen Bo, Director of the Digital Finance Research Center at the Central University of Finance and Economics, Beijing said: “Whether involved in the direct trading of cryptocurrency or providing relevant information services, they are within the scope of the government’s crackdown, mainly for the concerns that cryptocurrency will cause systemic risks.”
While China has been known for being a crypto-friendly destination, now with the ongoing crackdown, it has become hostile to cryptocurrency and has strict warnings for using cryptos. For average Chinese people it is becoming increasingly difficult to access a cryptocurrency exchange.